Kokusai Electric
6525.THIGHScore: 70Deposition Equipment · Weight: 10%· Data as of 2026-05-06
Investment Thesis
~70% global share in batch ALD — essential for GAA transistors and 3D DRAM. 5 confirmed GAA POR wins (CY2024). Won TSMC 2025 Excellent Production Support Award AND Intel 2026 EPIC Supplier Award. Q3 FY2026: equipment sales delayed to Q4/FY2027 (timing not demand); service revenue rose to 44% of total from 30% (positive mix shift). Non-China revenue share 50%→69% (de-risking confirmed). Toyama capacity doubling complete. FY2027 WFE: DRAM +20%, NAND +15%.
Risk
China ~31% revenue (de-risking ongoing). ¥14B deferred DRAM/NAND orders → FY2026 guidance cut (timing). FY2026 full-year results May 13. US/Japan export controls + Section 232 review. KKR selling overhang. PB 7.51x elevated (P/B guardrail triggered — see Risk Flags). Beta 2.12.
Monitoring Trigger
May 13 FY2026 results + FY2027 guidance: (1) Revenue guide ≥¥300B?; (2) ≥20% growth FY2027 commitment; (3) China revenue % target <25%; (4) Service revenue growing toward 50%. Sep 2026: US Demo Center opening. Jul 2026: tariff 150-day review.
Key Dates
Key Metrics
Business Segments
| Segment | Revenue | Share | Description |
|---|---|---|---|
| Batch Film Deposition | ¥164B | 69% | LP-CVD, batch ALD, oxidation, diffusion (70% global share) |
| Parts & Services | ¥73B | 31% | Aftermarket, maintenance |
Supply Chain Evidence
| Evidence | Customer | Product | Detail |
|---|---|---|---|
| confirmed | TSMC | Batch ALD/CVD for logic and advanced nodes | TSMC 2025 Excellent Performance Award |
| confirmed | Samsung Electronics | DRAM/logic deposition tools | Named in IPO prospectus, top-3 customer |
| confirmed | Micron Technology | Memory deposition tools | Named in IPO prospectus, top-3 customer |
| confirmed | Intel | Next-gen diffusion/deposition for Intel GAA nodes | Intel 2026 EPIC Supplier Award (Mar 2026) |